Canara Bank provides Car Loan for buying both new cars or used cars.
Car Loans from Canara Bank
For new cars – you need to have 10% of cost for 10 lakhs car loan. 15% of the cost for car loans above 10 lakhs to 25 lakhs. For loans above 25 lakhs you have to bring 20% of the car’s cost. You can get 90% or 85% or 80% of the on road price of the car with no limit on the maximum loan amount.
The best part is you get the loan amount inclusive of the bill value, life tax, and charges for registration, car insurance and any car accessories as well.
For Used Cars – you can avail loans for cars not older than five years at the same interest rates. You can get up to 75% of the car’s value which can go up to 15 lakhs. Based on whichever is lesser your loan amount is disbursed.
For new cars – 84 months
For old cars – 60 months
Documents Required for Car Loan
- Filled car loan application form
- 2 passport size photos
- Recent salary slip
- Form No.16 or any other Income, preferably ITAO/ IT Return
- Invoice or the bill report as an estimate of the car loan amount
- Surety if applicable, as it is waived in certain cases
- RTO Forms
Canara Bank Car Loan Rate of interest (as of 01/01/2014)
The Base Rate = 10.20%
- The rate of interest is calculated at Base Rate + 0.50% which stands at 10.70% currently and this includes all the variants
- With a minimum margin of 10% and for the repayment period of more than 36 months, the interest is calculated at Base Rate + 0.50% which is at 10.70 percent.
- With a minimum margin of 10% and for the repayment period of more than 36 months or less, the interest calculated is at Base Rate + 0.50% which is at 10.70 percent.
- With a minimum margin of 50% and irrespective of the repayment period, the interest is calculated at Base Rate + 0.50% which is at 10.70 percent.
Canara Bank Car Loan Duration
- 7 days for the car loan to be disbursed at the Branch
- 15 days for the car loan to be disbursed at the Circle
- 2 to 3 weeks for the car loan to be disbursed at the Head Office
Why Apply for Canara Bank Car Loan from BankBazaar?
Canara Bank car loans available at fixed interest rate, floating interest rates, for used cars, for new cars and for the likes of corporates or individuals, we help you choose the most appropriate car loan suited to your requirements. All you have to do is just enter the details of the loan amount, tenure and your basic details and leave the rest to us. We will ensure that your car loan is processed and at no additional cost.
Features of Canara Bank Car Loan
- Least processing fees of just 1000 rupees
- Pay in convenient EMIs of up to 60 months
- Car Loans for buying used or new cars
- Business corporates are also eligible
- Processing charges waived off till 31.01.2015
- Individuals earning salary
- Business professionals
- Reputed Firms